Labor won't change FIRB rules: Fitzgibbon

The Rudd government has no plans to tighten foreign investment rules to favour joint ventures with local companies in land acquisitions, Agriculture Minister Joel Fitzgibbon says.

Prime Minister Kevin Rudd opened up debate on the issue when he told a people's forum in Sydney on Wednesday he was a "bit anxious" about an "open-slather" approach to foreign ownership of agricultural land.

Mr Rudd said his preference was for joint ventures involving Australian and overseas firms.

"We need to take a more cautious approach to this in the future without throwing the baby out with the bathwater," he said.

But Mr Fitzgibbon, who this week announced a new register for foreign-owned agricultural land, said the government hasn't discussed tightening Foreign Investment Review Board rules.

The prime minister was simply sending a message that while foreign investment was welcome, the government would prefer partnerships with Australian companies.

"Politics is not just about legislation, it's about leadership, and sending the right messages, including messages to the world," Mr Fitzgibbon told ABC radio on Thursday.

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"The important message to say to the Australian community is to say 'Don't worry about foreign investment, we're going to produce a register which will allow you to monitor it, and to demonstrate to you how low it is'.

"We're also sending a message to foreign investment that we are welcoming of it, but ... if they really want to be involved in Australia, to ensure that they look at doing it in conjunction with and in partnership with Australian companies."

"On the other hand the best thing we can do to combat racism and xenophobia ... is by having the clearest set of facts so people can realise, okay, there is a bit of give and take in foreign investment in Australia but it's not at the point where Australians no longer own their land."

Mr Shorten said what concerned him was whether foreign investors brought capital investment and created jobs.

Australian Greens senator Sarah Hanson-Young said it was good to see Mr Rudd "finally willing to talk about this issue".

Senator Hanson-Young said "at the very least" there needs to be a national register of foreign-owned land and water licences.

"The Greens have been saying for a long time now that we need to tighten up the rules for foreign ownership of not just land but also water licences," she told reporters in Sydney on Thursday.

Senator Hanson-Young added it wasn't good enough that the real percentage of foreign-owned land is not known.

"There should be a process to make sure that whatever acquisition and purchases of Australia's land and water are in our nation's best interests," she said.